Characteristics of a Partnership
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
Filipino (Tagalog)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
characteristics of a partnership. First, mutual agency, any partner may act as agent of the partnership in conducting its affairs. Second, unlimited liability, the personal assets or assets not contributed to the partnership of any partner may be used to satisfy the partnership, creditors claims upon liquidation if partnership assets are not enough to settle the liabilities to outsiders. Third, limited life, a partnership may be dissolved at any time by action of the partners or by operation of law. Fourth, mutual participation in profits A partner has the right to share in partnership profits. Fifth, legal entity, a partnership has legal personality separate and distinct from that of each of the partners. Sixth, co ownership of contributed assets, poverty contributed to the partnership are owned by the partnership by virtue of its separate legal personality and last, but not the least income tax partnerships except general professional partnerships, for example, those organized for the exercise out professions like certified public accountants, lawyers, engineers, et cetera, are subject to the corporate income tax.